Good weekly export sales weren’t enough to stem the selling at Chicago. All wheat US old crop sales came in at 655kt, that’s 242k better than last week’s efforts. Lower corn and soybeans sales data weighed on the market but soybeans did manage to close in the black. The phase one trade deal between the US and China is official as of this weekend.
US corn futures were weighed down by one poor weekly export sales but probably more so by increasing prospects for the S.American corn crop. Conab came out with a 44.479 million acre plant for Brazil, if realised this may well see production up around or just over 100mt. Weather is generally good across Argentina too with just a small part of the Pampas being a little under the 30 day average. Most of Cordoba and Santa Fe have seen above average rainfall for January / February. Argentina may well produce 49mt of corn this year becoming yet another thorn in the side of the US corn seller.

Vietnam confirmed 16 cases of coronavirus, now named COVID-19 by the WHO. This has led to the isolation / quarantine of around 10,000 people in the commune of Son Lai about 40ks north of Hanoi.
The restriction of movement has caused delays in container exports out of both China and Vietnam. Not a problem for the grains industry at this stage but it’s hurting electronic and furniture exports. Recovery in infected people seems to be good. The official mortality rate remains at 2% but those who have fallen to the virus have generally been elderly or already at risk due to pre-existing conditions.